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From the Editor’s Desk – Property of Estate and Exemptions
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By The Honorable William Houston Brown (Retired)
Profit-sharing plan was not exempt. Prior to filing Chapter 13, which was converted to Chapter 11 and then 7, the IRS had audited the debtor’s tax return, including requesting documentation about a profit-sharing plan. The fact that IRS had closed its audit did not create a presumption that the profit-sharing plan was exempt from the bankruptcy estate, and the bankruptcy court found that the plan was not exempt under § 522(b)(3)(C), due to repeated violations of applicable tax laws, including eight transactions by . . .
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